Ge Long Hui·2026-01-21 06:44Core Viewpoint - The report indicates that CK Hutchison is in discussions to sell its Irish telecommunications business to Liberty Global for €1.5 billion, which is seen as a favorable move for the company due to the attractive valuation and the ability to exit a pressured business segment [1] Group 1: Transaction Details - The proposed sale price represents an enterprise value to EBITDA multiple of 11.4 times for 2026 and 2027, significantly higher than the industry average of 5.9 times [1] - The transaction is expected to enhance CK Hutchison's overall net asset value by approximately 3% for 2026 [1] Group 2: Impact on Earnings and Ratings - The impact on earnings from this transaction is expected to be minimal [1] - The firm maintains a "Outperform" rating for CK Hutchison and continues to list it as one of the preferred stocks for 2026, with a target price of HKD 61 [1]